Kenyan President William Ruto Urges African Nations to Rally Behind Afreximbank for Enhanced Intra-Africa Trade


African Export-Import Bank – Afreximbank. logo

In a bid to bolster intra-Africa trade and strengthen economic cooperation, Kenyan President William Ruto rallied African countries to support the African Export-Import Bank (Afreximbank). During a meeting with Afreximbank President Benedict Oramah at State House in Nairobi on Friday, President Ruto commended the fruitful partnership between Kenya and the Cairo-based bank, highlighting its significant contribution as a key development partner.

Kenya’s Ruto urges AFRICA to support Afreximbank: Kenya’s President William Ruto on Friday, called upon African countries to support the African Export-Import Bank – Afreximbank

President Ruto emphasized the pivotal role that Afreximbank plays in facilitating intra-Africa trade through its tailored payment facilities, designed to streamline transactions in cross-border trade within the continent. He expressed his conviction that Afreximbank is an essential organization, offering vital support for Kenya’s development, financing, and implementation of identified projects.

President Oramah’s visit to Kenya aimed to finalize agreements under the Fund for Economic Development in Africa, further solidifying the relationship between the bank and the nation. A statement released by State House Nairobi disclosed that Afreximbank is actively financing numerous projects in Kenya, including the establishment of special economic zones in select locations. Furthermore, the bank has committed to providing financial support for the operationalization of a leather processing plant and Rivatex Textiles East Africa, a prominent textile processing facility in Kenya.

Beyond its investments in development projects across the continent, Afreximbank is dedicated to promoting seamless intra-continental trade among African countries. One such initiative is the Pan-African Payment and Settlement System (PAPSS), launched in 2022, which aims to provide a convenient platform for cross-border payments in local African currencies. The African Union (AU) has adopted PAPSS as the backbone of the African Continental Free Trade Area (AfCFTA). By utilizing PAPSS, stakeholders engaged in intra-Africa trade can enjoy reduced transaction costs and expedited payment processes for goods and services.

Moreover, Afreximbank has introduced additional systems, including the Afreximbank Trade Payment Services (AFPAY), to mitigate the challenges faced by African traders following the withdrawal of several international banks from the continent. These initiatives demonstrate Afreximbank’s commitment to fostering a conducive environment for African businesses, facilitating trade, and driving economic growth across the region.

President Ruto’s call for African nations to support Afreximbank underscores the importance of collaboration and unified efforts in promoting intra-Africa trade, ultimately propelling the continent towards sustainable development and prosperity.

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